Music crowdfunding site PledgeMusic goes offline, 'owing artists thousands'
PledgeMusic, the popular crowdfunding site for musicians, has gone offline as it pursues bankruptcy.
The company shuttered its operations earlier this year and is now in the process of entering administration.
But according to reports, the company owes artists hundreds of thousands of pounds that have been raised from fans. Former employees have claimed that this money was used to cover the business's operating costs.
In May, PledgeMusic announced that it was looking for potential buyers to rescue the company.
But despite reported interest from a number of parties, no such buyer was found, and the company began administration proceedings.
Pledge was founded in 2009, and claimed to offer artists an alternative to the traditional label model.
It has run successful campaigns for artists including Sum 41, Ash, and Rufus Wainwright.